Developer Cedar Woods buys 43ha Wollert farmland for $56 million
Wollert is set to grow by up to 500 homes after a multimillion-dollar block of land was purchased by national estate developer. Find out what they’ve got in store for the 43ha Craigieburn Rd site.
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Wollert is set to grow by up to 500 homes after a multimillion-dollar block of farmland was purchased by national estate developer.
Australian Stock Exchange listed Cedar Woods bought the 43ha site at 100 Craigieburn Rd East and 115 Boundary Rd for $56.65 million from Pasquale and Antonia Maria Micelotta.
The company expects the site – about 30km north of Melbourne’s CBD – to accommodate a community of more than 500 lots.
The planned community will be within the approved Wollert Precinct Structure Plan and is 6km of Cedar Woods’ earlier Carlingford land estate in Lalor.
As well as a proposed town centre, the Wollert PSP provides for a future train station, schools, community facilities, walking and cycling paths and public open space.
Cedar Woods expects its new development to be within walking distance of these facilities.
It’s the company’s fifth land acquisition in about 12 months.
Managing director Nathan Blackburne said the company’s approach was to build their project portfolio at optimal times in the property cycle.
“We’ve acquired this quality land development opportunity under favourable settlement terms, in a location characterised by high population growth and relative proximity to the city compared to other growth areas,” he said.
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“This acquisition takes our national portfolio to more than 10,000 dwellings and lots, and boosts our Victorian holdings which we expect to benefit from strong forecast population growth and housing demand.”
Cedar Woods expects the project to contribute to earnings within three years.
The Wollert PSP was approved by State Planning Minister Richard Wynne and Whittlesea Council in 2017.
The 1434ha area is bounded by Craigieburn and Summerhill roads, Curly Sedge Creek and the reservation for the future E6 freeway in the east.
Wollert will house 15,000 dwellings and 42,000 people.
jack.paynter@news.com.au